Whether you are a consumer, business professional or tax practitioner, VAT is a blunt reality for everyday consumption in South Africa.
As it is also the second largest contributor to income for SARS, it is crucial that those responsible for accounting for and submitting these taxes are equipped with the knowledge to perform their duties in the best interest of both the client and SARS.
The provisions of the VAT Act may sometimes be difficult to read and interpret, and often we run the risk of underutilising or underestimating them.
This session will address items including, but not limited to, the following:
• Basic principles of VAT:
o Registration
o VAT periods
o Accounting basis
o Documentation
o Types of supplies
o Time and value of supplies
• Claiming and denial on input taxes
• Levying of output taxes
• Deemed supplies
• Specific provisions for
o Exports
o Accommodation
o Sale of a going concern
• Submission and reconciliation
• Practical issues encountered with VAT
☒Financial managers
☒Bookkeepers
☒Financial accountants
☒Second year SAICA trainees
